😱🫨The reason for the decline in Bitcoin and #altcoins has been revealed: News that shook the market
While everything seemed to be fine in #Bitcoin the sharp declines in the evening hours dragged the price to the level of 68 thousand dollars. What was behind the decline?
Things bounced back in the evening, with Bitcoin touched 72 thousand times today. The declines that started at 15.30 UTC deepened in the following parts and the price retreated to 68 thousand 400 dollars.
Why is Bitcoin falling?
The external reason for the establishment of Bitcoin was the emergence of data on agricultural employment in the United States today. With the data added at 15.30, it was reported that there was an increase of 272 thousand in employment in May. The expectation was that this figure would be 182 thousand.
Employment forecasts were greatly exceeded, hopes that the Fed would cut interest rates in July were dashed, allowing the dollar to gain value. Additionally, markets now price the possibility of a rate cut in September as 45 percent. This rate was 56 percent before the employment data was announced.
On the other hand, sales in some cryptocurrencies deepened with the Youtube live broadcast of GameStop phenomenon Roaring Kitty. In the live broadcast watched by more than 600 thousand people, Fenomen did not make any sensational announcements or statements as expected. GameStop shares then lost more than 40 percent of their value. While the decline in GME, the meme coin with the same name, exceeded 50 percent, many meme coins also lost double-digit value.
Finally, the decline in Bitcoin led to positions being cut at a loss in 400 million transactions in leveraged transactions. According to Coinglass, the number of loss-making users who added derivatives has approached 150 thousand.
